Cost Management holds the commercial side of the job: what was budgeted, what has been committed, what has changed, and what has been paid.
This topic includes:
Budget
The budget is built from cost items, each with a code, a name and an amount. Items can be grouped into segments, and a snapshot freezes the budget at a moment so later movement can be measured against it.
Contracts and change orders
- A contract is a commitment to a supplier or subcontractor.
- A change order varies one. Change orders carry their own number and status, and an approved change order moves the committed figure.
Locking a budget prevents further edits, and everyone on the project is told when that happens.
Expenses and payments
- An expense is a cost incurred against a budget item.
- A payment records money going out, made up of payment items that each point at what they are paying for.
Forecasting
Forecast adjustments record the expected final figure where it differs from the budget, so the project can see the outturn it is heading for rather than only what has been spent.
Note: cost figures are permission-controlled. Members without cost access do not see the module.